Filing Flows › Agree Realty (ADC) › Q1 2026
Agree Realty (ADC) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 21, 2026
Agree Realty (ADC) reported revenue of $201M for the first quarter 2026 (Q1 2026), +19% from a year earlier and +5% from the quarter before. Operating margin was 49.1%, net earnings $62.2M (31.0% of revenue).
Agree Realty, Q1 2026: revenue $201M (+19% year over year), operating margin 49.1%, net earnings $62.2M, operating cash flow $145M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $201M | +5% | +19% |
| Operating profit | $98.6M | +7% | +25% |
| Net earnings | $62.2M | +11% | +32% |
| Operating cash flow | $145M | +30% | +15% |
What changed
Revenue was $200.8M in Q1 2026, up 19% year over year and up 5% from the previous quarter.
Operating profit was $98.6M, a 49.1% margin (up 2.6 points year over year). Of the extra revenue versus Q1 2025, 63% reached operating profit, above the 47% margin then. Total costs grew 13% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+14%). Net earnings were $62.1M, up 32% year over year. The effective tax rate was 0.8%.
Operating cash flow was $145.2M (up 15% year over year), 233% of net earnings. Non-cash charges added back $66.7M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items added $12.7M.
Questions
What was Agree Realty's revenue in the first quarter 2026?
Agree Realty (ADC) reported revenue of $201M for the first quarter 2026 (Q1 2026), +19% from a year earlier and +5% from the quarter before.
Was Agree Realty profitable in the first quarter 2026?
Operating profit was $98.6M (49.1% of revenue) and net earnings $62.2M.
Source: Agree Realty 10-Q on SEC EDGAR.